HSBCxa0names first female chief financial officer, unveils a major overhaul

HSBC has announced a significant restructuring under its new CEO, combining commercial and investment banking operations to cut costs and enhance returns. This reorganization introduces a new leadership framework, appointing the lender's first female chief financial officer to unlock potential and drive future success.

The bank is dividing its operations into four categories: UK, Hong Kong, corporate and institutional banking, and wealth banking. Aiming to address long-standing challenges, HSBC plans to integrate commercial and investment banking, focusing on boosting sales to international clients.

With a global workforce of roughly 214,000, HSBC has been streamlining operations, reducing its presence in Western markets, and placing greater emphasis on Asia. The restructuring raises questions about potential future cost-cutting measures and their implications. The company also announced various senior management changes, including the new CFO and departures in its Europe and Middle East leadership.